Retirement village warning: Retirees ‘losing money’ on units

Australians have been warned that buying property in a retirement village could see them lose money in their old age, with a number of retirees claiming they're locked in contracts that will see them take a loss.

Great-grandmother Lorrie, 78, spent $314,000 on a retirement village unit, but needed to sell a few months later due to her deteriorating health.

She claimed to A Current Affair that village management had told her "resales or pre-loved" homes would not be sold until new units had found owners.

"Now that was two years ago," she said.

Lorrie, 78, said she was set to lose money on her retirement village home. (A Current Affair)

Lorrie was left with no option but to let the unit go at a loss.

"I've lost about $45,000-$50,000 in the deal," she said.

"At my age I'll never recoup the money I lost, so I'm finding it very difficult to get into something else now."